Brazil’s stocks topped 110,000 points for the first time Wednesday, tracking gains on global markets following an upbeat report on US-China trade talks.
Bloomberg quoted people familiar with the negotiations as saying a partial deal could be finalized soon that would avert new tariffs threatened for later this month.
Official data showing the third straight monthly increase in Brazil’s industrial production also underpinned gains on the Bovespa.
After opening at 108,961, the benchmark index touched 110,279 during the session, which is still ongoing.
The Bovespa has made strong gains this year on hopes that pro-business President Jair Bolsonaro, who took power in January on a promise to revive the economy, can push his ambitious reforms through Congress.
Figures released Tuesday showing Brazil’s economy — Latin America’s biggest — accelerated in the third quarter also boosted investor confidence.